As per the memorandum, DLF Cyber City Developers Ltd (DCCDL) has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs 2,250 crore.

DCCDL also has 20 million sq ft of future development potential, sources said.

The equity value of this transaction is pegged at Rs 12,000-14,000 crore, sources said. Promoters -- KP Singh and family -- will re-invest a significant part of the amount realised from sale into DLF.

In February, DLF's Senior Executive Director Finance Saurabh Chawla had said that the company is targeting to complete this deal by July.

"With this proposed transaction, DLF will be able to achieve three of its main objectives -- removal of conflict of interest, creation of a rental platform with large financial investors and reducing substantial portion of debt," Chawla had said in October.

The company had a net debt of about Rs 21,400 crore at the end of the December quarter.

DLF has appointed JP Morgan and Morgan Stanley as merchant bankers for this deal. It has also roped in Pricewaterhouse Coopers as tax consultant and Shardul Amarchand Mangaldas as law firm to help execute this deal.

It had in December raised Rs 1,992 crore from GIC after the completion of its deal to sell 50 per cent stake in two of its new projects in Delhi.

DLF reported 24 per cent rise in consolidated net profit at Rs 163.95 crore for the quarter ended December against Rs 131.79 crore in the year-ago period.

Total revenue went up by 43 per cent to Rs 2,981 crore in the quarter ended December from Rs 2,080 crore a year-ago.

DLF has a land bank of 281 million sq ft, of which 37 million sq ft is under construction.